Are There Exemptions?

There is one exception to the rule here – if a property is being rented for a minimum of 300 days in a given financial year, it is free from wealth tax obligations. In case you are an NRI and possess 2 properties in the country, of which one is rented for a whole year and the other lay idle, then follow what Chaudhary has to say. Chaudhary says, "The property which is let out for the full year will not be considered as an asset. The vacant property can be claimed as exempt under the provisions of the Wealth tax Act." So, both the properties will be excluded while calculating net wealth amounting to 30 lakh.